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You can do pretty much everything on the Internet today, including apply for mortgage financing. Just because something is digital, does that automatically mean it’s better? There are several factors to consider when deciding between applying online or in person.
Because the Millennial generation is now at the prime age for homebuying, their preferences are influencing the mortgage industry. The National Association of Realtors reports that in 2018, millennials bought more homes in the U.S. than any other generation. This age group grew up with computers and the Internet and the...

Your mortgage payment is likely the biggest one you make each month. The thought of getting rid of that payment sooner and saving on some of the interest payments can be very attractive. However, there are plenty of trade-offs when you start diverting much of your disposable income toward extra mortgage payments. Here are several reasons why it may not be in your best interest to pay off your mortgage early.
Lost Investment Income
In order to pay off a mortgage earlier than the traditional 30- or 15-year terms, you will have to devote a significant part of your monthly income on the paym...

In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers.
Liquidity
If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...

The majority of American home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations.
Payments
If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15-yea...

Americans owe more today in student loans than ever before and student debt is continuing to rise. As these borrowers start into their careers and become homeowners, they may have the opportunity to consolidate their student loan debts with their home loan. If this sounds intriguing to you, here’s what you need to know before talking to your lender:
How Does Consolidation Work?
If you have enough equity in your home, you can refinance to pull cash out and pay off all your student loans. This means that both debts will now all be paid off together through your monthly mortgage bill....

Many homeowners are eager to pay off or pay down their mortgages in order to save themselves money in interest charges. Many lenders have even anticipated this situation by offering buyers a bi-weekly payment program.
What is a Bi-Weekly Mortgage Payment?
Most mortgages are paid once a month, making 12 payments every year. With a bi-weekly payment schedule, the monthly mortgage amount is split into two and paid every two weeks instead. Since there are 52 weeks in a year, this results in 26 half- payments annually, totaling 13 whole payments. This means borrowers basically pay one extra m...